South Korean SK On plans to launch low-cost Lithium Iron Phosphate batteries

CTOnews.com, January 6 (Xinhua)-- South Korea's SK On plans to produce a new lithium iron phosphate battery for electric vehicles by 2025, thus providing low-cost power batteries for car companies whose profits are squeezed by the rising cost of electric vehicles, according to an executive at South Korea's SK On.

CTOnews.com has reported that Ford Motor Company, a customer of SK On, said last year that it planned to use lithium-iron batteries made in Ningde, China, on its Ford Fmur150 Lightning electric truck next year. In addition, Tesla and electric car startup Rivian also announced plans for lithium iron phosphate batteries.

At present, supported by the strong demand from the world's major automakers, Chinese battery manufacturers have led the production and manufacture of lithium iron phosphate batteries worldwide. According to reports, the production cost of this kind of battery is relatively low, but its mileage is lower than that of nickel-cobalt battery.